- Yesterday’s idea that there can be more gains in Dogecoin, and buying dips is a good option worked as prices dipped and surged higher one more time.
- There is a major resistance building up around 77.5 Satoshis where buyers might struggle.
Dogecoin continued to gain traction as buyers remain in control, but it would be really interesting to see how long the bullish trend can continue.
77.5 Satoshis as a Barrier
One more hurdle was cleared by Dogecoin buyers recently, as 71.7 Satoshis (Yesterday’s high) was breached to set a new weekly high. There is a lot of bullish pressure, as sellers failed to gain strength. Yesterday, prices fell lower and tested the 50% Fib retracement level of the last leg and found support as predicted in yesterday’s post.
Currently, the price is moving lower as a part of correction, which might face buyers around a bullish trend line formed on the hourly chart of Dogecoin. Moreover, the 50% Fib retracement level of the last leg from 58.0 Satoshis to 77.5 Satoshis is also just around the highlighted trend line. Any further losses might take the price towards the all-important support of 60.0 Satoshis. There is one more bullish trend line formed on the downside that may perhaps provide support moving ahead. Moreover, the 100 hourly simple moving average is also aligned with the highlighted support area.
On the upside, the last swing high of 77.5 Satoshis remains a barrier for buyers. It would be interesting to see whether they could succeed in piercing the same.
Intraday Support Level – 65.0 Satoshis
Intraday Resistance Level – 77.5 Satoshis
The Bullish trend is intact for Dogecoin, and it buyers manage to clear 77.5 Satoshis, then we might witness a new high. The next level of interest in that situation might be around 80.0 Satoshis.
Charts courtesy of Trading View